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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Northern's emerging markets fund outperformed by 479bp in Q1 2026 through superior stock selection across multiple sectors. Geopolitical volatility created regional divergence, with commodity exporters outperforming while energy importers declined."
The Northern Active M Emerging Markets Equity Fund outperformed the MSCI Emerging Markets Index by 479 basis points in Q1 2026, returning 4.62% versus the benchmark's -0.17%. The quarter was marked by heightened volatility from Middle East conflict, creating divergent regional performance. Commodity-rich markets like Brazil, Peru, and Saudi Arabia surged on higher oil and commodity prices. Taiwan and South Korea gained significantly as semiconductor and technology companies benefited from continued AI investment and a cyclical recovery in memory and advanced logic chips. Conversely, energy-importing economies like India and Indonesia declined sharply, while China fell on persistent consumption weakness and real estate sector struggles. The fund's outperformance came from strong stock selection across consumer discretionary, communications services, information technology, materials, and financials sectors. Geographic positioning was mixed, with value added in South Korea, Mexico, Peru, and Turkey, plus beneficial underweights to China and India. However, underweights to Taiwan and overweights to Indonesia detracted from performance. All sub-advisers outperformed the benchmark during the quarter.
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